In 2005, Jackson Development—under the name Herzl Partners LLC—built 5 attached 3-family buildings at 2726-2734 Kingsbridge Terrace. Subsequently, all five of these buildings were foreclosed (see below for details) and they now sit almost entirely vacant. 2726 Kingsbridge Terrace, which sold for $678,000 in 2006, is currently valued at $383,000.

2726-2734 Kingsbridge Terrace—a project that sits

foreclosed and almost completely vacant

Jackson, of course, no longer builds “market rate” housing. Now they receive massive subsidies and multi-million dollar tax credit deals to build enormous “affordable” housing complexes (where the rents often exceed area market rates) throughout the Bronx, all in the same of Bloomberg’s disastrous housing policy.

One of the many things that bothers us about these lucrative, publicly-financed development deals is that the City and HUD are awarding contracts not merely to entities similar to the ones that got us into the mortgage mess – rather, they are rewarding the exact same individuals who have already wreaked havoc on our communities.

HUD, for example, put Knightbridge Mortgage Bankers (affiliated with Jackson’s principals) on its “Neighborhood watch” and banned it from issuing FHA loans (after their default rate reached 1010% of the national average (www.fipna.org/research)), yet now administers millions in housing tax credits that Jackson sells to investors.

As for Kingsbridge Terrace, one of the borough’s most historic streets and home to some amazing architecture—it was dealt some harsh blows during the collapse of the housing bubble, and we hope it can survive.